en.Wedoany.com Reported - UK specialist lender Aspen has provided £3.05 million in "bridge-to-let" financing for a 21-bedroom residential development project located on Iffley Road in Oxford. The financing package has an initial loan-to-value ratio of 80%, comprising an initial £2.05 million to refinance the existing purchase loan and continue construction, with a further £1 million to be released in staged phases to complete the residential development project.

The residential development project has received planning permission to amalgamate the ground and first floors of the property. Plastering and drywall works have been completed, and the development is now moving into a phase of stabilising rental income, in preparation for a subsequent transition to long-term financing options. The borrower holds a portfolio of HMO properties in Oxford and has previously completed similar residential development conversion projects in the local market. Aspen has provided financing for several of this client's schemes.

The bridge loan facility is arranged for a 12-month term at a monthly interest rate of 0.78%, followed by a two-year serviced buy-to-let phase at an annual interest rate of 6.24%. Aspen Senior Underwriter Laura Randall handled this residential development transaction in accordance with the lender's "one person, one case" service model.

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